The Philippine peso has been under sustained pressure, falling 6% this year and making it the region's worst-performing currency. According to Sina Finance, the peso's weakness has been driven by a wider trade deficit, higher inflation, and rapidly declining foreign exchange reserves as oil import costs surged. The peso fell in a quarter when all other Asian emerging-market currencies rose against the U.S. dollar. It closed last Friday at 62.59 per dollar, near its record low of 62.69. According to Sina Finance, Manila's trade deficit widened about 29% to $37 billion in the first seven months of this year, while foreign exchange reserves fell about 9% from a February record to $103 billion. President Ferdinand Marcos Jr. and central bank Governor Eli Remolona had both said using reserves to defend the peso would be futile. JPMorgan and Bank of America strategists expect the peso's decline to continue, with the currency potentially weakening to 65 per dollar by mid-2026. China Banking Corp. chief economist Domini Velasquez said the peso's weakness reflects structural balance-of-payments deficits, safe-haven demand for the dollar, weak domestic sentiment, and expectations of further depreciation. Remolona told senators at a hearing last month that any attempt to push the peso back to 60 could exhaust the country's foreign exchange reserves and dollars. He said the central bank would focus on managing sharp exchange-rate swings. Diwa Guinigundo, former deputy governor of the Philippine central bank's monetary and economic sector and now chief adviser at GlobalSource Partners, said such candor could encourage more speculation because traders know the central bank will not bet heavily on dwindling reserves. India and Indonesia, by contrast, have been able to defend their currencies more forcefully with much larger reserves.

Ethereum co-founder Vitalik Buterin said he remains non-consensus bullish on the long-term outlook for cryptography. According to Foresight News, he said his so-called "Egyptian god protocol" — SNARK, FHE, and iO — has a 33% chance of reaching 1+ε overhead in everyday real-world computation. He said that at sufficiently large scale, the extra overhead from cryptography could become arbitrarily small relative to the cost of the original computation. According to Foresight News, Buterin also said there is a 60% chance that all three could achieve single-digit overhead, measured by energy use plus amortized computing power, meaning below 10x. Buterin said it is more likely that one of the three will be achieved before the end of this decade, with single-digit-overhead SNARKs the most likely. He added that specialized hash functions and some large-model inference are already close to that range.

Whale Loracle opened a series of new positions over the past two days and is currently sitting on an unrealized loss of $10.6 million. According to Foresight News, the largest losses are $4.6 million in SNDK, $4.2 million in PONS, $1.61 million in MU, and $462,000 in NVDA.

According to CNBC, the U.S. Securities and Exchange Commission sued Institutional Shareholder Services in federal court in Pennsylvania, seeking to force the proxy adviser to turn over information as the Trump administration increases scrutiny of firms that help investors vote their shares. The SEC said ISS refused to fully comply with an administrative subpoena tied to its proxy recommendations and voting activity, after the agency's Division of Examinations began reviewing the firm in March and later issued a subpoena on July 21. The regulator said ISS has continued to withhold some records despite extended deadlines, while ISS argued the request raised First Amendment concerns and could expose the firm and its clients to retaliation. The SEC said its inquiry remains in the fact-finding stage and has not concluded that ISS violated federal securities laws. President Donald Trump signed an executive order in December directing the SEC to review its rules and guidance on proxy advisers, and the White House said the order specifically named ISS and Glass Lewis, which together control more than 90% of the proxy-advisory market.

The International Monetary Fund said El Salvador’s Bitcoin accumulation since June 2025 did not use public funds and reflected private donations. According to Odaily, the IMF also said El Salvador is improving transparency around Bitcoin holdings across wallets and strengthening governance and risk management for public-sector crypto assets. El Salvador disclosed in November 2025 that it had bought 1,090 Bitcoin, bringing its total holdings to 7,474 Bitcoin.

Goldman Sachs initiated coverage of InnoLight Technology's H shares with a Buy rating and a 12-month target price of HK$3,267. According to Sina Finance, the bank said its 2026 and 2027 net profit forecasts are 25% and 42% above market consensus, respectively, citing higher revenue and gross margin assumptions. Analysts including Verena Jeng said the stronger outlook reflects the bank's positive view of InnoLight Technology's leading position in silicon photonics modules, accelerated mass production of 1.6T and above solutions, a stable supply chain and diversified production bases, as well as manageable co-packaged optics competition. Goldman Sachs also said InnoLight Technology's experience serving CSP clients and the AI infrastructure supply chain allows it to adapt earlier than peers to changing demand and product requirements. It reiterated a Buy rating on the A shares and kept the target price at RMB 2,645.

Brokerages have revised target prices and ratings for a range of Hong Kong-listed stocks, including Alibaba, Nio, Kuaishou, China Mobile and China Shenhua, according to ETNet. Among the latest calls, Bernstein cut Alibaba's target price to HK$161 from HK$176 and kept an outperform rating. Goldman Sachs lowered Nio's target to HK$48 from HK$55 and maintained a buy rating. CLSA initiated coverage on Zhipu at HK$1,360 with a neutral rating, while it started coverage on Minimax at HK$600 with an outperform rating. Other changes included HSBC trimming targets for China Overseas Land, China Resources Land, Longfor and China Jinmao, and DBS cutting its target for China Mobile to HK$96 from HK$98 while keeping a buy rating.

Eight listed companies recorded pre-market block trades at 9:00 a.m., according to ETNet. Tencent (00700) traded 164,500 shares at HK$442.80 each for HK$72.8406 million. Trip.com (09961) traded 102,200 shares at HK$325.60 each for HK$33.26 million, while Lenovo Group (00992) traded 1.098 million shares at HK$32.40 each for HK$35.5752 million. Xiaomi (01810) traded 1.2464 million shares at HK$28.44 each for HK$35.4476 million. Bilibili (09626) traded 26.3749 million shares in five lots at HK$115.38 each, down 4.96% from the previous close, for HK$304.3 million. Alibaba (09988) traded 2.4734 million shares in three lots at HK$110.10 each for HK$272 million. NetEase (09999) traded 250,600 shares at HK$188.869 each, down 0.12% from the previous close, for HK$47.3306 million. Trip.com and Tencent were also among the names listed in the pre-open activity.

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